Wedoany.com Report-Jun 20, On June 19, the Verkhovna Rada of Ukraine did not approve the proposed introduction of a 10% export duty on soybeans and rapeseed, which was set to begin on July 1, 2025. The initiative aimed to stabilize the domestic market and provide exporters with more certainty in planning future shipments.

Between September and May of the 2024/25 marketing year, Ukraine exported approximately 3.3 million tons of soybeans. An additional 1 million tons may still be shipped. However, due to the growing availability of lower-priced South American soybeans, Ukrainian exporters are lowering their purchase prices.

Currently, export demand prices in Ukraine for GMO soybeans remain at 17,900–18,000 UAH per ton ($382–384/t). Some traders are offering slightly higher prices of 18,200–18,250 UAH/t for quick deliveries before the end of June. For non-GMO soybeans, export prices have also declined to $425–428/t or 19,500–20,100 UAH/t delivered to port, reflecting reduced activity in traders’ export programs.

Internationally, on the Chicago Board of Trade, July soybean futures rose by 2.2% over the past week to $394.6/t. This increase was influenced by a 14% surge in July soybean oil futures to $1,207/t, following the United States Administration’s announcement to expand biofuel production between 2026 and 2027.

Soybean prices in the U.S. remain relatively low, with no new large-scale purchases from China. China has indicated it intends to reduce its soybean usage over the next five years. In April, it announced a goal to lower the proportion of soybean meal in animal feed from 13% in 2023 to 10% (equivalent to 10 million tons) by 2030. This strategy is linked to broader food security planning.

In South America, soybean harvesting in Argentina is nearly complete. As of June 12, soybeans had been harvested from 16.6 million hectares—95% of the total expected area, compared to 97% at the same time last year. The Buenos Aires Grain Exchange has increased its national soybean harvest estimate by 0.3 million tons, bringing the total forecast to 50.3 million tons.